202-unit project is deed restricted to those working in Vail 30 hours per week or more
The first of seven buildings at Vail's Timber Ridge Village employee housing project is expected to go vertical soon, the Vail Town Council was told on Tuesday during a meeting with the developer.
The project is located on South Frontage Road in Vail.
Mike Foster with Triumph Development said he's expecting the first of the seven-building, 202-unit project to be erected by the end of June.
As of now, the schedule calls for the crane to move into place on June 20, with the first modular units set into place on Tuesday, June 24.
"We can set about eight to 10 mods a day, the first building is 70 mods, so within about 10 working days, that first building is vertical," Foster said. "There's a few variables in there, but that's the schedule we're tracking with right now."
One of the variables came in the form of a misplaced utility line, Foster said.
The Xcel Energy gas line was shown to be on the north side of Lionsridge Loop, but in looking for that line, it wasn't there. It turned out to be on the far south side of the road, Foster said, causing a bit of a headache for the developers.
"I've been having some sleepless nights as we work through the utilities," he said.
The project is a mix of studio, one-bedroom, two-bedroom, three-bedroom and four-bedroom units, ranging in price from $408,102 to $1,054,339. Buyers have to come up with 10% of the purchase price once they go under contract, and another 10% 60 days after that.
Seventy-five percent of the units are under contract so far, and there's a waiting list for the one-bedroom units. But other units have not been as quick to sell as the developers had hoped, Foster said.
To qualify to purchase a unit, prospective residents must work a minimum of 30 hours per week on an annualized basis at a business operating within Eagle County boundaries that holds a valid and current business license, or pays sales taxes, or is otherwise generally recognized as a legitimate business.
Mayor Travis Coggin said he expects more units to sell once the buildings are erected.
"It's a big purchase to make, and I think people want to see buildings get built and I think that once the end of June rolls around, I think it will create some urgency," Coggin said.
The first units are expected to be complete, with people moving in, by December.
"We're still tracking with the schedule we're on, budget-wise," Foster said. "No tariffs have come our way, so no unforeseen expenditures for far in our process."